The Motsepe Foundation, a nonprofit organisation founded by billionaire businessman and philanthropist Patrice Motsepe, and consumer food company RCL Foods have facilitated more than R70 million in funding for two large-scale agricultural projects in Limpopo and Mpumalanga.
The projects aim to support rural and traditional communities.
RCL Foods and the Motsepe Company are each providing soft loans of R36-million at 3% interest. RCL has a long history with this project and the communities. In addition to its shareholder loans, RCL has taken over high-cost loans from commercial banks and the Land Bank.
They are also working with agriculture industry association Agri SA and established commercial farmers and agribusinesses. “It is imperative that traditional communities, poor rural and urban communities, black farmers and other historically disadvantaged communities participate in and benefit from the agricultural and farming industry in South Africa,” Motsepe said at the project launch this month.
“We have a lot of urgent work and measures to implement to make this happen.”